What are my options?
What are my options? My landlord is in a long term health facility due to dementia. He gave his brother power of attorney. My landlords brother is trying to sell the house we currently are renting but we have a lease agreement until June 2023. The brother has power-of-attorney, so he most certainly can sell the house if he so chooses. He may HAVE to sell it to either cover his brothers expenses (skilled nursing facilities are not cheap) or for his brother to meet certain income/net worth requirements for assistance with his medical expenses. Depending on the state in which you live, your options may be limited. In some states, the buyer must honor your lease to its end - same terms, same rent, etc. They MUST give you a new lease with the new owners name and contact information so you can pay rent, but the terms and conditions must be the same. In some states, you merely need to be given 3060 days notice of lease termination. That notice period cannot start until the transaction closes, however, so you have some time. Your BEST option is to work WITH the brother on the sale. Many investors look for houses with good, long-term tenants because it means instant cash flow with very little outlay on their part (no need to paint, advertise, etc). If you are a good tenant - always keep the property tidy, pay rent on time, dont cause trouble - then youre exactly what an investor is looking for when buying a rental property. Make sure the brother knows you WANT to stay and will help him in any way possible to sell the house to an investor, rather than to someone who wants to move in. Then do it - help an investor WANT you as a tenant.